Kloote set a March 20 hearing for the defense and prosecutors to discuss this case before a probable-cause hearing.

The state Attorney General’s Office, which investigated the case with the state Office of Financial and Insurance Regulation, filed 32 charges against each suspect. The most serious charge, racketeering, carries a potential 20-year sentence.

The government said that 140 victims lost from $3,000 to $600,000 after being promised “huge” returns on their investments. Many of the victims were elderly, and included those who lost life savings, authorities said.